Briefs: Nation and world

Published 5:30 am, Saturday, August 11, 2001

NEW YORK -- Chevron Corp. said on Friday it scheduled a special meeting of shareholders Oct. 9 to vote on its takeover of Texaco, a deal which would create the world's fifth largest oil company.

Chevron said it hopes to complete the takeover that day if shareholders vote in favor of the deal and it receives approval from federal and state anti-trust regulators.

The new company will be called ChevronTexaco Corp.

U.S. imposes penalty on Canadian lumber

WASHINGTON -- The Bush administration, contending that Canada is unfairly subsidizing its lumber industry, announced on Friday the imposition of a 19.3 percent penalty tariff on Canadian softwood lumber, saying it would make the trade sanction retroactive to mid-May.

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An economist for the National Association of Home Builders said the decision could add as much as $1,000 to the cost of building a new home, but members of Congress from lumber-producing states praised the administration for taking decisive action to protect domestic producers.

Mideast tensions spur energy prices

Analysts also cited a more optimistic global oil demand forecast by the International Energy Agency as a catalyst for the rally.

September light, sweet crude futures closed up 41 cents at $28.05 after rising as high as $28.42 a barrel.

September gasoline prices close at 79.90 cents a gallon, up 1.97 cents; September heating oil gained 0.75 cent to 74.39 cents a gallon; September natural gas rose 8.4 cents to close at $3.040 per thousand cubic feet; and Brent crude from the North Sea rose 30 cents to close at $25.98 on London's International Petroleum Exchange.

U.S. seeks speed in Microsoft case

WASHINGTON -- A federal appeals court should not delay in pursuing penalties against Microsoft, because dragging the case out would disrupt the computer market, the Justice Department said Friday.

The appeals judges, who have already ruled that Microsoft repeatedly violated antitrust law, had planned to send the case to a new judge to decide what penalty the Redmond, Wash., company should face. It was not clear when the court would act

Chairman of Ford ordered to testify

INDIANAPOLIS -- U.S. Magistrate Judge Sue has ordered Ford Motor Co.'s chairman to testify in lawsuits against the company and tire maker Bridgestone/Firestone.

Attorneys for those killed or injured in Ford Explorers with Firestone tires sought a deposition from Ford Chairman William Clay Ford Jr.

A Ford spokesman said Friday the company would "respect whatever final order the court issues."

Loss by US Airways bigger than expected

WASHINGTON -- US Airways Group, piling on a month of bad news beginning with its collapsed merger with United Airlines, said Friday it will post a loss of more than $160 million for the third quarter, twice as much as expected, because of drooping business travel.

Profits up 21 percent for Buffett company

OMAHA, Neb.-- Berkshire Hathaway, the holding company run by billionaire investor Warren Buffett, said second-quarter net profits rose 21 percent Friday on higher realized gains from selling investments and profits contributed from the handful of companies Berkshire Hathaway acquired in the past year.